Quality Investor

FirstCash Holdings, Inc.

Rank #188Capital Return

FCFS · Nasdaq · Financial Services

FirstCash Holdings, Inc. (FCFS) — Rank #188 by gross profitability (GP/assets 0.34) · ROE 14.2% · Piotroski F-Score 7 / 9.

As-of 2026-09-15 · CIK 0000840489 · all metrics point-in-time as of the filing date.

About

FirstCash Holdings, Inc., together with its subsidiaries, operates retail pawn stores in the United States, Mexico, rest of Latin America, and the United Kingdom.

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The company operates through four segments: U.S. Pawn, Latin America Pawn, U.K. Pawn, and Retail POS Payment Solutions segments. Its pawn stores lend money on the collateral of pledged personal property, including jewelry, electronics, tools, appliances, sporting goods, and musical instruments; and retails merchandise acquired through collateral forfeitures and over-the-counter purchases from customers. The company also provides retail POS payment solutions, which focuses on LTO products and facilitating other retail financing payment options across the network of traditional and e-commerce merchant partners. It serves cash and credit-constrained consumers. The company was formerly known as FirstCash, Inc and changed its name to FirstCash Holdings, Inc. in December 2021. FirstCash Holdings, Inc.

was incorporated in 1988 and is headquartered in Fort Worth, Texas.

Industry
Credit Services
Sector
Financial Services
State
TX
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Price History

FCFS+176.4% · +22.6% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

$9.19B

P/E (annual)

28.6

P/S (annual)

2.5

P/B

4.0

P/OCF (annual)

15.7

Shareholder Yield

2.2%

Employees

Industry

Credit Services

Exchange

Nasdaq

Signal Flags

3 green1 yellow1 red
Revenue growth acceleratingGrowth rate increasing year over year
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why
Balance sheet deterioratingNet cash collapsed with receivables or inventory outpacing revenue

Quality Profile

Profitability

1/1 pass
GP / assets
0.34
Return on equity
14.2%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.36
Current ratio
4.89×
Net cash
-$2.04B

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
0.6%

Growth

2/2 pass
Revenue growth
8.0%
Piotroski F-Score
7 / 9
Share dilution
-1.4%

Terry Smith quality gate

Passes 2/5 Terry Smith thresholds

3 of 5 thresholds not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

6.1%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Buyback tailwind: -1.4% — per-share value needs a total required return of 4.7% once share-count change is priced in.

vs. own 6-year median revenue growth: 7.8%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

1.9%

r = 10% (base)

6.1%

r = 12%

9.7%

Net debt / market cap: 21.6%

Base FCF: $531M3Y mean FCF: $452.9M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

24.7xExpensive
16.5xmed 23.7x26.6x

P / S

Price / revenue per share

2.2xExpensive
1.4xmed 1.7x2.2x

P / B

Price / book value per share

3.6xExpensive
1.1xmed 2.4x3.6x

P / GP

Price / gross profit per share

4.4xExpensive
2.6xmed 3.4x4.4x

P / FCF

Price / free cash flow per share

15.4xFair
9.6xmed 15.8x25.5x

FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.34

Primary signal (Novy-Marx).

11th of 14 SIC 59 peers

Return on equity

14.2%

Gross margin

50.3%

5th of 14 SIC 59 peers

Revenue growth (YoY)

8.0%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

10.3%

Revenue CAGR (5Y)

17.5%

Earnings CAGR (3Y)

9.2%

FCF CAGR (3Y)

7.0%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.36

6th of 10 SIC 59 peers (best = lowest)

Current ratio

4.89×

1st of 14 SIC 59 peers

Quick ratio

0.70×

Net cash

-$2.04B

Cash & equivalents minus total debt.

Recession resistance

Revenue through recessions

Worst single-year YoY revenue decline, 17 years of history

Weak
2008-2009 (GFC)
N/AN/A
2020 (COVID)
-12.5%Significant decline
Worst year on record(any fiscal year, not recession-limited)
-12.5%Significant decline

Cash-flow health

Free cash flow

$531.04M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.61

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.6%

Stock-based comp intensity.

Dividend safety

Composite score

3.8 / 5

Good
Payout ratio
21.5%5/5 Strong
FCF coverage
7.49×5/5 Strong
Dividend growth streak
9 yr4/5 Strong
Balance-sheet health
D/E 1.36 · IC N/A1/5 Weak

Piotroski F-Score

F-Score

7 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Value
Capital Return
Hypergrowth